Type of Program:
Grant & Loan
The Business Scale-up and Productivity (BSP) Stream aims to accelerate the growth of firms and assist with the adoption and adaptation of new, innovative technologies that support scale-up, productivity, development of and entry into new markets to help companies become competitive in both domestic and global markets.
Comments on Funding:
Funding is up to 50% of the eligible and supported project costs to a maximum of $500,000 per project. On an exceptional basis, FedNor may consider funding investments above that amount.
Total government funding (including federal, provincial and municipal) for a project cannot exceed 75% of supported eligible non-capital costs and 50% of supported eligible capital costs.
Applicants must have secured funding of at least 50% towards the balance of the project's eligible costs. A combination of committed funding from accredited investors (angels, venture capitalists), growth capital, strategic partners, commercial financing, other government departments, and working capital is acceptable.
When It Ends:
The applicant must:
To be considered eligible for funding, applicants must demonstrate:
- 1A sustainable business model normally supported by two (2) years of operations.
- 2Financial capacity to complete the project and repay the contribution in full.
- 3Managerial, technical, and operational capacity to achieve the project's stated objectives in a timely manner.
- 4Market/industry demand (e.g., how the project addresses a significant gap in the market; global opportunity to be seized within Canada; and evidence that Northern Ontario is uniquely positioned to capture market share).
- 5Potential for market growth, diversification of export markets and/or participation in global value chains.
- 6A viable project plan with achievable outcomes, supported by verifiable cost estimates.
Phase 1: Submit an Application for Financial Assistance providing key contact and project information;
Phase 2: Upon initial evaluation, FedNor will provide an electronic or written decision on whether the project should proceed to Phase Two. If selected to proceed, applicants will be invited to submit a Phase Two Detailed Application and provide supporting documentation. Applications will undergo a due diligence process where they are assessed against a number of factors.